Building a Better You. Financially.
No matter where you are in life, we’re dedicated to taking you further. Whether it’s your first savings account or we’re helping you buy your vacation home, we want to assure you that we’re in this together. We want to help you be the best that you can be and that you’re building a strong financial future. Because when you reach your goals, we reach ours. These helpful tips can help you take better control of your finances and ensure that your financial foundation is stable and ready for anything.
Adopt the Right Habits. Do you find yourself wishing you had just a little more money each month? More often than not, the reason we don’t have enough money is because of our purchasing decisions and the absence of a personal budget. Having a solid financial budget in place is key to aligning your money with the right habits. Here are some questions to ask yourself:
- Are there things you could live without?
- Do you know how much that coffee from Starbucks is costing you each day?
- Are you getting your money’s worth out of your monthly subscriptions such as Netflix or Hulu?
- Are you spending more during shopping trips to Target or the mall than you had originally intended?
By looking over your expenses, you can get a better idea of exactly where all of your money is going, and by doing so regularly, you can figure out what expenses are necessary and which are damaging your monthly finances.
Destroy Your Debt. Review your current debt by looking at the balances and interest rates on your current credit cards or loans. Put together a plan that allows you to pay down your debt without overstretching your current budget and financial plan. If you’d like to learn more information about your options, take advantage of our Free Credit Review program. We’ll take a deep dive into your credit and see how we could save you money and help you pay down the debt faster and more efficiently. You can even earn up to $100 in cash!
Save. Save. Save. Making the commitment to setting aside a portion of your take-home pay is crucial to building your savings and overall financial wealth. Start with a small percentage of your income and slowly move it up every few months. Ultimately, if you can get to 10 to 15 percent of your income, you’ll find yourself in a good spot. While it may not be feasible for everyone, even starting with something as little as 1% can make all the difference in the long run. Be sure to take advantage of things such as a 401(k) (especially if your employer is contributing and will match your contribution up to a certain percentage) or automated monthly transfers to a savings account, particularly one that you don’t touch. Having the out of sight out of mind thought process here can make this a smooth and easy adjustment. Investing is also another way to maximize your money and our Wealth Management Specialist can present you with a variety of options to fit your financial needs.
Plan Ahead for One-Time Purchases. While you may not be able to account for every single activity in a given year ahead of time, having a plan and budget in place for those one-time purchases can be a huge boost to your finances. Speaking of one-time money items, a smart move would be to pay down debt with any upcoming tax refund or year-end bonuses that may be coming your way. This will allow you to free up dollars to add to your savings.
Don’t Let Your Expenses Grow Along with Your Income. As your income grows, that doesn’t mean it’s time to increase your spending to match it. Taking half of your raise and putting it directly into a savings account before you can even spend it can allow you to have that emergency savings on hand rather than just spending the extra money right away. While it may be tempting to spend more because you’re making more, your focus really should be towards saving more. If you’re living comfortably where you are at financially before a raise, taking that additional money and saving it can assure financial stability and freedom for years to come.
Let us help you move ahead today!